1. A drought affects the supply of many agricultural products. You have the following information about price changes and quantities purchased. Calculate the price elasticity of demand and enter as a decimal value.
The price of corn rose by 20% and quantity demanded declined by 30%
2. A drought affects the supply of many agricultural products. You have the following information about price changes and quantities purchased. Calculate the price elasticity of demand and enter as a decimal value.
The price of soybeans rose by 14% and quantity demanded declined by 7%
3. A drought affects the supply of many agricultural products. You have the following information about price changes and quantities purchased. Calculate the price elasticity of demand and enter as a decimal value.
The price of wheat rose by 5% and quantity demanded declined by 10%
14. Suppose the demand curve for a good is P= 50 – 2QDWhat is the absolute value of theslopeof the demand curve (in decimal form, without the negative sign)? _______________
15. Suppose the demand curve for a good isP = 50 – 2QDWhat is the absolute value of theinverseof theslopeof the demand curve (in decimal form, without the negative sign)? _____________
16. Suppose the demand curve for a good isP = 50 – 2QDUse the point-elasticity formula (1/slope * P/Q) to calculate the price elasticity of demand when Price = 40 and quantity =5. _____________
18. Suppose the demand curve for a good isP = 50 – 2QDUse the point-elasticity formula (1/slope * P/Q) to calculate the price elasticity of demand when Price = 25 and quantity = 12.5 ____________
20. Suppose the demand curve for a good isP = 50 – 2QDUse the point-elasticity formula (1/slope * P/Q) to calculate the price elasticity of demand when Price = 10 and quantity = 20 (Enter answer in decimal form) ____________